Rating GRIs: Moody's new methodology

Credit of the month

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Olek Keenan & Jennifer Billings
JPMorgan

We think Moody's new methodology for government-related issuers (GRIs) adds a layer of calculation without really adding any new information. We believe that it creates additional confusion, decreases transparency and that the heart of the exercise is a 'thought experiment' about possible bailouts, which is of dubious analytical value, in our view. We think that this new methodology may damage the

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